Both individuals and family members of those with disabilities will soon have a new means for saving. In December 2014, Congress passed the ABLE Act, “Achieving a Better Life Experience” which allows for the creation of tax-free accounts that may be used for disability-related expenses.

The IRS has recently revised its procedures for reviewing applicants for recognition of tax exempt status. Many individuals and businesses have utilized tax exempt organizations, including private family foundations to achieve significant income tax savings while achieving philanthropic goals and objectives.